Canadians with fixed-rate mortgages ‘terrified’ in face of higher interest rates upon renewal
After seven interest rate hikes implemented by the Bank of Canada in 2022, Anita Gupta says she won’t be able to afford her home payments by the time her fixed-rate mortgage comes up for renewal in March.
As a result, Gupta said she has no choice but to sell her home.
“We don’t stand a chance … we’re packing right now,” Gupta told CTVNews.ca in a telephone interview on Thursday. “It’s going to be extremely difficult to renew because the interest rate is going to be twice as much.”
Diagnosed with fibromyalgia, the 62-year-old Kitchener, Ont., resident said she is currently receiving disability support while her husband receives a pension. With a fixed income, the couple won’t be able to handle any increases in their mortgage payment, Gupta said.
Due to rising interest rates, some Canadians expecting to renew their mortgage in the near future will likely lock in a higher rate, which may leave them paying hundreds more each month, Zlatkin said. |Read more https://www.ctvnews.ca/business/canadians-with-fixed-rate-mortgages-terrified-in-face-of-higher-interest-rates-upon-renewal-1.6191490|
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